Kestra Medical Technologies, Ltd. KMTS

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 29.81 USD on Nov 2, 2026, +12.4% year to date

Quant rating

Quant rating C Rank 254 of 565 in Health Care

Growth D 429 of 565
Valuation D 524 of 565
Quality C 284 of 565
Revisions B 191 of 565
Momentum B 155 of 565

Wall Street consensus Buy (1.67)Average target 30.86 USD +3.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 1.6B
52-week range: 17.38 – 31.04
3-year range: 14.46 – 31.04
Dividend yield: –
Beta (5 years): –
Shares outstanding: 59.6M
Next earnings: Dec 11, 2026

About the company

Kestra Medical Technologies, Ltd. is a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intelligent and connected. The Company has developed and is commercializing its Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution. The Company's Cardiac Recovery System platform includes ASSURE WCD, which is a wearable cardioverter defibrillator (WCD) used to protect patients at an elevated risk of sudden cardiac arrest (SCA). Its Cardiac Recovery System platform also includes fully integrated digital solutions and services such as the ASSURE patient application, Kestra CareStation remote patient data platform, Heart Alert Services, and ASSURE Assist services and ASSURE wearable ECG.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	95.1	59.8	27.8	7.6	–	–
Revenue growth	59.0%	115.1%	264.5%	–	–	–
EPS (basic, normalized)	−2.43	−5.13	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	51.4%	40.5%	1.3%	−139.6%	–	−11.6%
Net margin	−138.4%	−210.9%	−362.6%	−1,136.8%	–	−462.1%
ROE	−56.6%	−131.5%	–	–	–	−94.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	199
Current ratio	4.69x
Long-term debt (mil)	72.5
Net debt (mil)	−126
Total equity (mil)	222
Net debt / equity	−0.57x
Net debt / EBITDA	1.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	95.1	+59.0%	17.3x	−87.0	−21.4%	−19.0x	−2.43	+52.6%	−12.3x
2027	141	+48.1%	11.7x	−85.5	+1.7%	−19.3x	−2.45	−0.8%	−12.2x
2028	196	+39.1%	8.4x	−66.1	+22.7%	−25.0x	−2.00	+18.4%	−14.9x
2029	272	+38.6%	6.1x	−27.9	+57.7%	−59.1x	−1.52	+23.8%	−19.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	141	0.0%	+2.8%	+6.0%	−2.45	0.0%	−6.3%	−11.1%
2028	196	0.0%	+1.2%	+2.6%	−2.00	+3.4%	+2.6%	−13.9%
2029	272	−0.7%	−0.1%	+1.0%	−1.52	+3.4%	+6.9%	−37.7%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	–	–	–	–	17.2	19.4	22.6	24.6	28.6	31.0
Sales mean (mil)	–	–	–	–	15.8	17.9	20.7	22.9	26.5	29.0
Surprise	–	–	–	–	+9.4%	+8.4%	+9.0%	+7.4%	+8.2%	+6.8%
EPS reported	–	–	–	–	−2.21	−0.45	−0.64	−0.61	−0.67	−0.65
EPS mean	–	–	–	–	−0.53	−0.76	−0.59	−0.60	−0.60	−0.62
Surprise	–	–	–	–	−321.0%	+40.9%	−8.0%	−2.4%	−12.5%	−5.5%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KMTS Kestra Medical Technologies, Ltd.	1.8B	1.45x	−138.4%	7.95x	−12.2x	−14.9x	−19.3x	−25.0x
ABT Abbott Laboratories	190.6B	2.36x	14.7%	3.73x	20.0x	18.6x	16.5x	15.0x
ISRG Intuitive Surgical, Inc.	151.4B	−0.91x	28.4%	9.47x	38.8x	35.0x	26.4x	24.3x
MDT Medtronic PLC	127.0B	1.99x	13.2%	2.53x	16.6x	15.5x	13.2x	12.6x
SYK Stryker Corporation	116.8B	1.65x	12.9%	4.98x	20.7x	18.8x	16.4x	15.3x
BSX Boston Scientific Corporation	64.2B	2.03x	14.4%	2.57x	14.0x	14.2x	12.1x	12.1x
Mean		1.43x	−9.1%	5.20x	16.3x	14.5x	10.9x	9.1x
Median		1.82x	13.8%	4.35x	18.3x	17.1x	14.8x	13.8x

Technical analysis

1M+8.7%
3M+30.6%
1Y+8.9%
3Y+36.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kestra Medical Technologies, Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	95.1	59.8	27.8	7.6	–	0
Cost of revenue	46.3	35.6	27.5	18.3	–	–
Gross profit	48.9	24.2	0.4	−10.7	–	0
Selling, general & administrative expenses	164	115	69.9	54.0	–	13.9
Research & development	19.5	15.7	15.5	15.8	–	18.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	1.0	–	–	–
Other operating expenses	0	0	0	0	–	0
Operating income	−135	−106	−86.1	−80.4	–	−32.7
Net interest income (expense)	0.8	−4.5	−6.2	−5.6	–	−1.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.6	−2.8	−1.8	1.8	–	0
Net income before taxes	−131	−114	−94.1	−84.2	–	−33.9
Provision for taxes	0.3	0.1	0	0	–	0.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−132	−114	−94.1	−84.2	–	−34.1
Extraordinary items	–	–	–	–	–	–
Net income	−132	−114	−94.1	−84.2	–	−34.1
EBIT, normalized	−135	−106	−85.1	−80.4	–	−32.7
EBITDA, normalized	−126	−98.4	−73.5	−75.6	–	−32.3
Basic EPS, normalized	−2.43	−5.13	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kestra Medical Technologies, Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	196	238	8.2	14.8	–	24.3
Receivables	14.5	8.1	2.0	0	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	1.7	1.4	1.0	1.1	–	0.5
Other current assets	9.7	8.3	3.7	2.5	–	1.3
Total current assets	222	255	14.9	18.4	–	26.2
Property, plant & equipment	62.5	36.9	28.4	16.7	–	3.1
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	65.8	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	7.9	3.5	2.7	3.5	–	1.2
Total assets	358	296	45.9	38.7	–	30.5
Liabilities
Accounts payable	27.3	24.0	23.9	6.2	–	1.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	23.1	14.0	9.1	10.1	–	4.9
Short-term debt	0	0	0	0	–	0
Current portion of long-term debt	–	–	0	20.4	–	–
Other current liabilities	0	0	0	0	–	0
Total current liabilities	50.4	38.0	33.0	36.7	–	6.6
Long-term debt	42.6	41.1	42.5	17.3	–	20.2
Minority interest	–	–	–	–	–	–
Other liabilities	5.8	11.3	2.7	0.1	–	1.9
Total liabilities	98.8	90.3	78.2	54.1	–	28.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	58.4	51.3	0	0	–	0
Additional paid-in capital	853	674	197	195	–	172
Retained earnings (accumulated deficit)	−652	−520	−406	−312	–	−170
Treasury stock	–	–	–	–	–	–
Other equity	−0.2	0	177	102	–	0
Total equity	260	205	−32.3	−15.5	–	1.8
Total liabilities & shareholders' equity	358	296	45.9	38.7	–	30.5

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kestra Medical Technologies, Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−132	−114	−94.1	−84.2	–	−34.1
Depreciation, depletion & amortization	8.7	8.0	11.6	4.9	–	0.4
Deferred taxes	0.2	0.1	0	0	–	–
Non-cash items	39.3	34.4	5.9	8.5	–	3.8
Changes in working capital	1.8	−6.2	4.4	1.3	–	0
Cash from operations	−81.7	−77.6	−72.2	−69.6	–	−29.9
Investing activities
Capital expenditures	−34.9	−22.9	−12.2	−13.9	–	−0.3
Other investing cash flows	−168	−0.4	0	−1.5	–	0
Cash from investing	−203	−23.3	−12.2	−15.5	–	−0.3
Financing activities
Financing cash flow items	−2.8	8.7	41.8	−0.7	–	18.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	150	322	35.9	96.8	–	30.3
Cash from financing	147	330	77.7	96.1	–	48.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−138	229	−6.7	11.0	–	18.6
Free cash flow	−117	−101	−84.5	−83.6	–	−30.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.